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Shared Ownership for the Elderly

Shared Ownership for the Elderly is a scheme intended for people who cannot afford to buy a suitable bungalow on the open market, but have sufficient resources to purchase a part share. To qualify for the scheme you must be 55 years of age or over and be unable to afford outright purchase.

The scheme allows you to purchase up to a maximum of a 75% share of a property. The remaining share you do not own is retained by DAMHA.

Where a resident purchases less than 75%, rent is payable on the un-owned equity, but only up to 75% of its value. Rent is never payable on the final 25%, so residents who own a 75% stake of their property pay no additional rent. You may purchase a smaller share to begin with (as little as 25%) and then purchase further shares until you own the maximum 75%.

When you come to sell the property it can only be sold to someone who qualifies for the scheme (55 years or over and unable to afford to purchase a retirement home outright) and the amount sold will be 75% of the market value at the time of sale.

Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier.

We currently have a shared ownership scheme of 7 bungalows at Sherburn Village, if you are interested in this scheme please contact Housing Manager Pauline York on free phone 0800 0432642.